Day: July 16, 2017

Buying and investing in property in Dubai is attractive until you see the extra costs and commissions forced onto buyers. Dubai offers a lifestyle that many people dream of living. The concept of freehold property allows non-GCC passport holders to own a property and enjoy all the benefits that Dubai has to offer. Owning a property is definitely attractive but before moving ahead with the process it is important to understand the entire procedure and the costs that are involved in each step so that the complete picture of property transaction fees in Dubai is clear. The freehold property of Dubai can be categorized into two major domains which ease the understanding of property commission fees in Dubai and property fees in Dubai. The two major freehold property domains are off-plan property and ready property. 1. Off-plan property In the off-plan property domain, there are 4 different occasions where the property transaction fee is paid by the buyer. Off-plan properties are under construction properties which are due to complete on the specified date by the developer. These properties are purchased from the developers directly so there are no property commission fees in purchasing off plan properties. However, according to the new law imposed in June 2015, the buyer needs to register the off-plan property in the Dubai land department right after signing of Sales Purchase Agreement (SPA). This registration...